Sprint (S) shares are coming under pressure this morning from Bernstein Research analyst Craig Moffett, who this morning cut his rating on the shares to Underperform from Market Perform, with a price target of $3, which is actually up from $2.50.

Recent price cuts by AT&T (T) and Verizon (VZ) in the post-paid market, and Metro PCS (PCS) in the pre-paid market, “tighten a vise that leases Sprint once again stuck in the middle,” he writes in a research note. He notes that the company’s cost structure “is poorly suited for the current round of wireless price wars,” with “a huge gap between Sprint’s per-subscriber monthly costs versus those of its peers.” He says the company’s steady-state per-subscriber monthly cost is close to $36, compared with $32 at T-Mobile, $29 at AT&T and $28 at Verizon, with Leap (LEAP) and Metro PCs lower still.

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